After Blowout IPO, Is Snap a Keeper?

Shares of Snapchat owner Snap Inc. soared higher on Friday, following Thursday's successful initial public offering. After debuting at $17.00 on the New York Stock Exchange, Snap shares rose 44 percent to $24.48 on Thursday, well above analyst expectations, placing the company's value at $28 billion. The stock continued to trend upward on Friday, trading at $27.16 by mid-day.

Shares of Snapchat owner Snap Inc. soared higher on Friday, following Thursday’s successful IPO. After debuting at $17.00 on the New York Stock Exchange, Snap shares rose 44 percent to $24.48 on Thursday, well above analyst expectations, placing the company’s value at $28 billion. The stock continued to trend upward on Friday, trading at $27.16 by mid-day. The Snapchat app is used primarily to send photos and short videos to friends. It initially gained a reputation as a favored app for “sexting” among teenagers and young adults.